In survey after survey, Americans have not scored well on retirement literacy tests. But a new survey of Americans ages 60 to 75 says 80% failed a retirement income literacy test.
The results of the poll, released today by the American College of Financial Services in Bryn Mawr, Pa., are pretty dismal. The poll was conducted through online interviews of 1,019 people 60 to 75 years old with at least $100,000 in household assets.
They were asked 38 retirement literacy questions on basics, such as Social Security, life expectancy, IRAs, life insurance and investments, and how bonds work. Only 2 in 10 had passing grades, the college said.
“We’re not surprised by the fact that people don’t know a lot about retirement income planning,” says David Littell, program director at the American College. “I was surprised at how badly they did.”